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Aug 17, 2013
08/13
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could new york city be heading the way of detroit? mayor michael bloom blom said the risk of bankruptcy is role and the successor will have their work out for them. the mayor is punting an expensive problem. david miller examines the city's financial future. >> the new yorkers will elect a new mayor. >> avoiding the hard chose system how detroit went bankrupt. the city workers contributed to detroit's work. and threatening the new york economic stability. they pay nothing for 6.throe billion in annual health care and workers may little for pensions that have taxpayers on the hock. >> the new york city has 10,000 police officers retired who are under 40 and collecting pension and they will collect them for the rest of their lives. >> contracts for all city workers expired three years ago. and the next mayor will be under pressure to win concessions. >> the unions tonight want to negotiate with mayor blom bloom. he is a tough businessman. many remember when the city almost went broke after president ford said no to a bail out. the edito
could new york city be heading the way of detroit? mayor michael bloom blom said the risk of bankruptcy is role and the successor will have their work out for them. the mayor is punting an expensive problem. david miller examines the city's financial future. >> the new yorkers will elect a new mayor. >> avoiding the hard chose system how detroit went bankrupt. the city workers contributed to detroit's work. and threatening the new york economic stability. they pay nothing for...
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Aug 17, 2013
08/13
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FOXNEWSW
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the mayor says new could be the next detroit. coming up next, what he says could put the city on a path to bankruptcy. and her husband made the ultimate sacrifice. why the wife of an arizona firefighter killed in the line of duty is fighting for benefits. any last requests mr. baldwin? do you mind grabbing my phone and opening the capital one purchase eraser? i need to redeem some venture miles before my demise. okay. it's easy to erase any recent travel expense i want. just pick that flight right there. mmm hmmm. give it a few taps, and...it's taken care of. this is pretty easy, and i see it works on hotels too. you bet. now if you like that, press the red button on top. ♪ how did he not see that coming? what's in your wallet? ♪ the middle of this special moment and i need to run off to the bathroom. ♪ i'm fed up with always having to put my bladder's needs ahead of my daughter. ♪ so today, i'm finally talking to my doctor about overactive bladder symptoms. [ female announcer ] know that gotta go feeling? ask your doctor
the mayor says new could be the next detroit. coming up next, what he says could put the city on a path to bankruptcy. and her husband made the ultimate sacrifice. why the wife of an arizona firefighter killed in the line of duty is fighting for benefits. any last requests mr. baldwin? do you mind grabbing my phone and opening the capital one purchase eraser? i need to redeem some venture miles before my demise. okay. it's easy to erase any recent travel expense i want. just pick that flight...
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Aug 19, 2013
08/13
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WMAR
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. >> reporter: meet this retired detroit area cop. >> i said when i got a chance to speak out i would. >> reporter: he says it's what you might suspect, cities and counties make a whole lot of money off of speed traps. >> it's like a dirty secret. >> reporter: along i 7 1 the speed limit drops to 60 for 134 seconds on the highway. before a court stepped in last winter, the tiny town collected $800,000 a year. along i 10 tickets from a speed limit change at the bottom of this bridge covered 80% of the budget for henderson, louisiana. across the country drivers are taking note, reporting 78,000 speed traps since 2000. a warning, the cities with the most traps are colorado springs, denver, vegas, boston and the number one is houston. all those frustrated drivers who feel they have been pulled over in a speed trap, authorities say when there is a hill and the speed limit is 25 mile per hour, it's not a trap, it's about public safety. my police chief in georgia took me out for driver's ed near a hill i had 2rutrouble with near home. the bottom of the hill is a classic spot. we know that sp
. >> reporter: meet this retired detroit area cop. >> i said when i got a chance to speak out i would. >> reporter: he says it's what you might suspect, cities and counties make a whole lot of money off of speed traps. >> it's like a dirty secret. >> reporter: along i 7 1 the speed limit drops to 60 for 134 seconds on the highway. before a court stepped in last winter, the tiny town collected $800,000 a year. along i 10 tickets from a speed limit change at the...
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Aug 13, 2013
08/13
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MSNBCW
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. >>> if detroit didn't have enough problems filing for bankruptcy. politico poise onts out billboa in detroit advertise the wrong date for the city's general election. check it out. they urge citizens to vote september 2nd and it's november 5th. i'll add the #epic fail. by the way, they are expected to be fixed today. from what happened so we could be a better, safer energy company. i can tell you - safety is at the heart of everything we do. we've added cutting-edge technology, . products like optional better car replacement, where if your car is totaled, we give you the money to buy one a model year newer. call... and ask an insurance expert about all our benefits today, like our 24/7 support and service, because at liberty mutual insurance, we believe our customers do their best out there in the world, so we do everything we can to be there for them when they need us. plus, you could save hundreds when you switch, up to $423. call... today. liberty mutual insurance -- responsibility. what's your policy? >>> celebrity chef paula deen is she on a co
. >>> if detroit didn't have enough problems filing for bankruptcy. politico poise onts out billboa in detroit advertise the wrong date for the city's general election. check it out. they urge citizens to vote september 2nd and it's november 5th. i'll add the #epic fail. by the way, they are expected to be fixed today. from what happened so we could be a better, safer energy company. i can tell you - safety is at the heart of everything we do. we've added cutting-edge technology, ....
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Aug 21, 2013
08/13
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FBC
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detroit would not have this now if we would not have a normal interest rate. that is a fact. lou: that is in a fact. there are so many other variables in there. we have this equilibrium of the employee unions, city governments that have been woefully lagged and managed. what are your thoughts about this from here? >> well i think people are getting far too historic about the potential quantitative easing. i think that a moderate reduction would be that dramatic. we gradually run out of people with high rate mortgages. you run out of other people who have benefits. so by definition, it has less of an impact. so it is more and more money producing less and less impact. it doesn't strike me as the right thing. lou: your outlook for growth ann appreciation of the markets? >> i think that we will stumble along mainly driven by a shareholder revolution. grant the export licenses, six the balance, lower everyone's utility groups. that would really stimulate the economy and the market. lou: thank you for being on. we look forward to seeing you soon. up next, thousands training and ar
detroit would not have this now if we would not have a normal interest rate. that is a fact. lou: that is in a fact. there are so many other variables in there. we have this equilibrium of the employee unions, city governments that have been woefully lagged and managed. what are your thoughts about this from here? >> well i think people are getting far too historic about the potential quantitative easing. i think that a moderate reduction would be that dramatic. we gradually run out of...
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Aug 17, 2013
08/13
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FOXNEWSW
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cities can learn from detroit's bankruptcy. across the country, state and knew miss pal pensions are underfunded by more than a trillion dollars. no new york, david lee miller, fox news. >> money, money, money. we're going to keep talking about it. and back to children and how much they cost. >>> apparently they cost a bundle. a new study finds that raising kids is more expensive than ever. coming up, we'll show you ways to actually save big bucks on bringing up your little ones. >>> and egypt coming apart at the seams. what the chaos in the heart of the arab world means for those of is here us here in the unite. , i just think it's better to work with someone. someone you feel you can really partner with. unfortunately, i've found that some brokerage firms don't always encourage that kind of relationship. that's why i stopped working at the old brokerage, and started working for charles schwab. avo: what kind of financial consultant are you looking for? talk to us today. accomplishing even little things can become major victor
cities can learn from detroit's bankruptcy. across the country, state and knew miss pal pensions are underfunded by more than a trillion dollars. no new york, david lee miller, fox news. >> money, money, money. we're going to keep talking about it. and back to children and how much they cost. >>> apparently they cost a bundle. a new study finds that raising kids is more expensive than ever. coming up, we'll show you ways to actually save big bucks on bringing up your little ones....
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Aug 20, 2013
08/13
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KQEH
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. >>> today was deadline day in detroit for creditors to file objections to the city's filing for chapter 9 bankruptcy protection, and dozens of creditors did just that. most of the earliest objections came from individual retirees worried about their pensions and benefits. the largest creditors in the case plan to file a joint objection. >>> more violence in egypt today. the death toll is now more than 1,000. since protests against the ousted islamist president mohamed morsi erupted last week. now a court ruled to release another ex-president, mubarak. that could trigger more unrest. here is the latest from cairo. >> reporter: it's been another turbulent 24 hours for egypt. starting off with violence in the northern part of the sinai peninsula where we understand that 25 police were ambushed and executed with a machine gun. three of them remain critically injured. that comes off the back of an attempted prison break, we understand from the egyptian ministry of interior, where 36 supporters of president mohamed morsi were killed. the violence is likely to flare further. the discussion abo
. >>> today was deadline day in detroit for creditors to file objections to the city's filing for chapter 9 bankruptcy protection, and dozens of creditors did just that. most of the earliest objections came from individual retirees worried about their pensions and benefits. the largest creditors in the case plan to file a joint objection. >>> more violence in egypt today. the death toll is now more than 1,000. since protests against the ousted islamist president mohamed morsi...
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Aug 20, 2013
08/13
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FOXNEWSW
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it won't stop detroit. the policy let's officers stop and search people if they have a reasonable suspicion of either committing a crime or the suspect is about to commit a crime. >> critics say it unfairly targets minorities. detroit police department says it is not racial profiling just officers doing good constitutional police work. new york city is appealing the judge's ruling. >> bad news for job seekers. unemployment rate rose in most states last month. we have a live report on that and all of your other top business story res. >> unemployment is up in washington, d.c. showing job growth is weak despite a drop in naonal jobless claim rates last week at a 6 year low. they saw the biggest he increase by 3 tenths of one percent. only mississippi had a decline from 9 percent down to 8.5 percent. unemployment fell in 8 states and was unchanged in 14 states. in seattle considering raising their minimum wage to $15 an hour. the state has the heist minimum rate at $9.19 an hour. the mayoral candidates say the
it won't stop detroit. the policy let's officers stop and search people if they have a reasonable suspicion of either committing a crime or the suspect is about to commit a crime. >> critics say it unfairly targets minorities. detroit police department says it is not racial profiling just officers doing good constitutional police work. new york city is appealing the judge's ruling. >> bad news for job seekers. unemployment rate rose in most states last month. we have a live report...
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Aug 19, 2013
08/13
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FBC
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they are saying is detroit really bankrupt? >> there are a lot of people who will take issue with what detroit is trying to do. it is important to remember before they got here. they are responsible for their own on doing. until a couple years ago, if you are a public safety official in detroit, you could retire at 55 with 80% of your salary and health care. this is the day of reckoning. it is important that this be done right. this is the first city that is trying. dagen: that raises the issue. so many others have been thrown up their. those cities would not act, with day, jason, until it is clear that detroit can do this. >> that is why it is so important here. they are saying that this violates the constitution. you cannot reduce benefits for retirees. that violates the state constitution. what some of us are hoping is these contracts can be renegotiated. if they get away with protecting retiree benefits through this chapter nine filing, what you will see is other cities using chapter nine. we do not want it to happen. that
they are saying is detroit really bankrupt? >> there are a lot of people who will take issue with what detroit is trying to do. it is important to remember before they got here. they are responsible for their own on doing. until a couple years ago, if you are a public safety official in detroit, you could retire at 55 with 80% of your salary and health care. this is the day of reckoning. it is important that this be done right. this is the first city that is trying. dagen: that raises the...
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Aug 4, 2013
08/13
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CNNW
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peralta from the detroit tigers. those type of players. but nine or ten in all. >> a-rod is the big fish here. has he been injured? playing in the minor leagues. or was this part of the plan so as to bring maybe an easy blow to the yankees team or the fans? could there be a real link here? >> well, he was upset. he said they should send him bag earlier. he was healthy enough to play. he had hip surgery in january and almost about to come back july fourth weekend when he had an injury and so now it's been delayed and he says i'm healthy. the yankees say, okay, looks like you are. all word is he'll be in chicago tonight suiting up to be in the starting lineup tomorrow night against the white sox. >> wow. healthy enough to be suspended and play because he's appealing. bob, thank you so much for your time. appreciate it for this breaking story to us. >> fred, pleasure. thank you. >>> okay. still talking about sports. in a way. next week, how about the pga? how about walt disney and the obama family? what do they have to common? i'll talk about
peralta from the detroit tigers. those type of players. but nine or ten in all. >> a-rod is the big fish here. has he been injured? playing in the minor leagues. or was this part of the plan so as to bring maybe an easy blow to the yankees team or the fans? could there be a real link here? >> well, he was upset. he said they should send him bag earlier. he was healthy enough to play. he had hip surgery in january and almost about to come back july fourth weekend when he had an...
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Aug 3, 2013
08/13
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. >> take him to detroit. >> no! not detroit! >> i love you, detroit. >> massive unions, massive pensions. >> yes, lavish pensions. on average $19,000 a year which detroit now says they will pay 10 cents on the dollar. >> when union membership goes down, so do middle class wages. >> then the unions came in. then the democratic machine came in. then the drugs came in. >> every politician who puts their hand on the bible and takes the oath of office has a duty to this city and to manufacturing in this country. >> it yields a cat like kid rock. it must have good stuff in it. but the dems ran it into the ground. >> they don't have a fiscal problem, steve. they have a cultural collapse. >> see all those people in those pictures? have you ever seen so many americans be a failure at so many things? here we go again. i will not let this story go. there is more evidence detroit is truly, truly a conservative utopia. yes, i'm not going to get off this story. and it is something this country needs to pay attention to. conservatives keep bla
. >> take him to detroit. >> no! not detroit! >> i love you, detroit. >> massive unions, massive pensions. >> yes, lavish pensions. on average $19,000 a year which detroit now says they will pay 10 cents on the dollar. >> when union membership goes down, so do middle class wages. >> then the unions came in. then the democratic machine came in. then the drugs came in. >> every politician who puts their hand on the bible and takes the oath of office...
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Aug 19, 2013
08/13
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KNTV
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with 150 square miles burned so far, the beaver creek fire is bigger than the city of philadelphia, detroit or denver. more than 1,000 firefighters are attacking the blaze, but for now, losing the battle. conditions are grueling, teams are fatigued. days are long. this hotshot crew from salt lake city has been on the front lines for 16 hours. their work here is backbreaking. their packs are full of gear, weighing over 40 pounds. the beaver creek fire may be the most dangerous blaze in the country, but it's not the only inferno threatening homes. from california to colorado, 34 major wildfires are scorching the west, the region a tinderbox, a perfect recipe for fire. >> three things affect how a wildfire burns, weather, the topography and the fuels. so, in this case, all the factors are against us. >> reporter: tonight in idaho, against the odds, firefighters battle an unrelenting blaze, one that shows little sign of slowing down. as this fire chews through forest land, crews are making progress, the blaze is 9% contained and despite the massive size of this fire, lester, only one home has b
with 150 square miles burned so far, the beaver creek fire is bigger than the city of philadelphia, detroit or denver. more than 1,000 firefighters are attacking the blaze, but for now, losing the battle. conditions are grueling, teams are fatigued. days are long. this hotshot crew from salt lake city has been on the front lines for 16 hours. their work here is backbreaking. their packs are full of gear, weighing over 40 pounds. the beaver creek fire may be the most dangerous blaze in the...
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detail and yes a bit and i will discuss a number of recent global economic trends with gerald celente detroit fred summers versus yale and well you get the.
detail and yes a bit and i will discuss a number of recent global economic trends with gerald celente detroit fred summers versus yale and well you get the.
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Aug 14, 2013
08/13
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CNNW
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the detroit police plans to meet with the officers to offer a personal apology. the department says the incident was a clerical error, and definitely not a lapse in judgment. >> what you're not seeing is zoraida shaking her arms at the camera here, apparently not convinced about the clerical error. >> oh, my goodness. it would be nice to talk to them, wouldn't it? >> a lot to learn there. >>> a businessman being charged with trying to hire a hitman from el salvado, to murder his wife, his mother-in-law, his brother-in-law and his 9-month-old baby. prosecutors say jason simmons tried to rig his home and wipe out his family after his wife told him she wanted a divorce. it's part of the bulldog equipment that provides tactical equipment and assault equipment to government law enforcement. >>> today assess road warriors. we've all been there. you find a really cheap airfare, you book it and you realize all that you save has been eaten up by crazy fees. one airline has rolled out a program that may put an end to that frustration. united airlines will now let you pay f
the detroit police plans to meet with the officers to offer a personal apology. the department says the incident was a clerical error, and definitely not a lapse in judgment. >> what you're not seeing is zoraida shaking her arms at the camera here, apparently not convinced about the clerical error. >> oh, my goodness. it would be nice to talk to them, wouldn't it? >> a lot to learn there. >>> a businessman being charged with trying to hire a hitman from el salvado, to...
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Aug 16, 2013
08/13
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CNBC
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. >> texas isn't detroit. but does detroit have any impact on what was happening with that muni bond? >> i think it is, it is scarying investors. it's very tough to be a retail investor in a lot of these markets right now. because you don't have the visibility. you mentioned the detroit situation. that's going to be interesting. the thing that's going on in california also, there is a lot of things set about who has priority in these cases. >> are you talking specifically the town considering taking back through em90 domain? >> that's not really what i'm talking about. it's more about the fight between the pensioners and the hoerlsd and the rest of the players in these situations. >> it could happen on a federal level. you are talking a 30-year bond. it's a long time to hold out. >> definitely. at 10%. that's a crazy number. so my.is the that any sort of normalization of these markets will see those, a nice inflation and total return in a i'm in like that. so we like those things. there are more and more of th
. >> texas isn't detroit. but does detroit have any impact on what was happening with that muni bond? >> i think it is, it is scarying investors. it's very tough to be a retail investor in a lot of these markets right now. because you don't have the visibility. you mentioned the detroit situation. that's going to be interesting. the thing that's going on in california also, there is a lot of things set about who has priority in these cases. >> are you talking specifically the...
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Aug 11, 2013
08/13
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CSPAN2
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the detroit story is sort of separate. one of the things that is lost in the discussion about detroit and our cities is the city's economy and fiscal health are oftentimes two different things. if you look at new york city new york is thriving by any definition. if you look at neighborhoods like the meatpacking district. in the 70's or 80s he wouldn't be caught dead there now looks like a casting call for the bachelorette. there are so many 20 somethings on the weekend that it's the place to be. new york is like an amusement park in many ways were the economy is doing very well. new york has fiscal problems too. many of the problems that detroit has. detroit, some of the rust belt cities are still adjusting to a massive shift in the economy from an industrial-based economy and a number of other things are happening there as well but not all cities are widely responded in research and the way that new york is that many are. i think places like detroit and buffalo and some others at the minority. overall the story about citi
the detroit story is sort of separate. one of the things that is lost in the discussion about detroit and our cities is the city's economy and fiscal health are oftentimes two different things. if you look at new york city new york is thriving by any definition. if you look at neighborhoods like the meatpacking district. in the 70's or 80s he wouldn't be caught dead there now looks like a casting call for the bachelorette. there are so many 20 somethings on the weekend that it's the place to...
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Aug 18, 2013
08/13
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CSPAN2
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the detroit story is sort of separate. one of the things that's lost in the discussion about detroit and our cities is city economy and fiscal health oftentimes do different things. look at new york city. new york is thriving by any definition but if you look at neighborhoods like the meatpacking district. and 70 and and 80 you wouldn't be caught dead there now. it's a casting call. it's like the place to be. that never would've happened before. sunnier kids kind of like an amusement park in many ways now where it used to be, the economist and very well. new york has fiscal problems, too. many of the same problems that detroit has. so those are two kind of different things. detroit is some of the rust belt cities are still adjusting to a massive shift in the coming from an industrial-based economy to a service economy detroit has a number of other things happening there as well, but not all cities are sort of wildly responded and research and the way new york is. but many are. i do think places like detroit and maybe buffa
the detroit story is sort of separate. one of the things that's lost in the discussion about detroit and our cities is city economy and fiscal health oftentimes do different things. look at new york city. new york is thriving by any definition but if you look at neighborhoods like the meatpacking district. and 70 and and 80 you wouldn't be caught dead there now. it's a casting call. it's like the place to be. that never would've happened before. sunnier kids kind of like an amusement park in...
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going back in detroit. morgan hit the il on the head. you have a city whose population reduced two-thirds since the 1950s anand they have a land ma you could fit manhattan and botton and san francisco into and they are raising taxes. when you have fewer people, you are trying to find some way to pay the bills. obviously it didn't work. you can't take that to a national sphere. >>ther cities had a population encrose and they increase the tax it doesn't mean that the city gets better, does it? >> no, i wan to cut taxes any chance we can get. mile per hour has highway tax rate and also the home of greatest global brands. what killed detroit was the fact that the tea and its people and companies were stuck in the 20th centy. poor cities and states continue to cling to manufacturing jobs. rich cities and states design goods and manufacture them overseas. if detroit wants to get in the 21st century it will rise again. cutting taxes will help. >> rich, there is a lot of factors that go in a demise of the tea like detroit but taxes didn't hehelp
going back in detroit. morgan hit the il on the head. you have a city whose population reduced two-thirds since the 1950s anand they have a land ma you could fit manhattan and botton and san francisco into and they are raising taxes. when you have fewer people, you are trying to find some way to pay the bills. obviously it didn't work. you can't take that to a national sphere. >>ther cities had a population encrose and they increase the tax it doesn't mean that the city gets better, does...
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thank you it's great to be with you well uni's are in the news we have detroit and we have this prediction from meredith whitney a few years ago which didn't come true in its day are we seeing the first domino right here with detroit is it oh about to fall. well it's not all about to fall and she's correct i believe in her assessment of all of these unfunded pensions etc but to us at the trends journal the did the fall of detroit the bankruptcy is a metaphor for the entire united states so let me explain this is from a it's gone from motown to know. this this was the country you know henry ford giving workers a working wage so they could buy automobiles this is then becomes the place where dionne dust realisation began and america starts sending its jobs to cheap labor markets whether within the states and then overseas and also very importantly it also became the blueprint for america's future in producing garbage quality products you know i'm old enough to remember when automobiles were really great and then they became really crummy and that's when the japanese and all the marketers mov
thank you it's great to be with you well uni's are in the news we have detroit and we have this prediction from meredith whitney a few years ago which didn't come true in its day are we seeing the first domino right here with detroit is it oh about to fall. well it's not all about to fall and she's correct i believe in her assessment of all of these unfunded pensions etc but to us at the trends journal the did the fall of detroit the bankruptcy is a metaphor for the entire united states so let...
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Aug 10, 2013
08/13
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MSNBC
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and he is taking the narrative from detroit, michigan. it is okay if a city goes bankrupt. as long as we can break the unions, screw the workers and blame it on them and let the rich people run free i can tell you if. this guy is the media darling. he may be one of the toughest media commentaries that has ever been blistered on this guy but dam it, he deserves it. he the people who have worked in the city for 30 years and earned a pension. this narrative that the conservatives are playing out, now in the richett city in america, you know what? you are the problem the biggest voting bloc, the biggest social networking machine the democrats have is organized labor. they're doing everything they can to destroy it across this country. get your cell phones out. i want to know what you think. does mayor michael bloomberg care more about wall street? or workers? you can always go to our blog at msnbc.com and leave a comment there. we'll bring you the results later in the show. >>> how do you turn your back on an american worker? how do you make the case to the public that people t
and he is taking the narrative from detroit, michigan. it is okay if a city goes bankrupt. as long as we can break the unions, screw the workers and blame it on them and let the rich people run free i can tell you if. this guy is the media darling. he may be one of the toughest media commentaries that has ever been blistered on this guy but dam it, he deserves it. he the people who have worked in the city for 30 years and earned a pension. this narrative that the conservatives are playing out,...
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Aug 15, 2013
08/13
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. >>> also, is new york city on the brink of a detroit-style bankruptcy? new york city has been on the brink in the past. the warning from the mayor mike bloomberg that just came down. a question that's surfacing today, is this real? is this really where new york city is today, or is this somehow just a scare tactic from the mayor? we're live with that story next. ♪ ♪ we've been bringing people together. today, we'd like people to come together on something that concerns all of us. obesity. and as the nation's leading beverage company, we can play an important role. that includes continually providing more options. giving people easy ways to help make informed choices. and offering portion controlled versions of our most popular drinks. it also means working with our industry to voluntarily change what's offered in schools. but beating obesity will take continued action by all of us, based on one simple common sense fact... all calories count. and if you eat and drink more calories than you burn off, you'll gain weight. that goes for coca-cola, and eve
. >>> also, is new york city on the brink of a detroit-style bankruptcy? new york city has been on the brink in the past. the warning from the mayor mike bloomberg that just came down. a question that's surfacing today, is this real? is this really where new york city is today, or is this somehow just a scare tactic from the mayor? we're live with that story next. ♪ ♪ we've been bringing people together. today, we'd like people to come together on something that concerns all of us....
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Aug 8, 2013
08/13
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MSNBCW
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you want to see detroit's problem, look at this graph. in 1950, there were almost 2 million people in detroit, 2 million. now that number is down to around the 700,000, which means, when your city is shrinking like that, you end up with an eroding tax base. incapable, completely unable to pay off the pension costs that were incurred. and also not just pensions, but city services, infrastructure, all of it. in comparison, over that same period of time, new york has seen its population grow by more than half a million people, it's not been detroit. and another thing, detroit's economy has been nothing short of catastrophic. according to the city's own bankruptcy court declaration, the city lost approximately 80% of its manufacturing base. new york's economy by contrast has been booming. booming under bloomberg for better or worse. the key industry finance remains atop the world. one factor is that the fact that the city remains utterly and unbelievably racially segregated. this is a map of detroit, with dots corresponding for neighborhoods.
you want to see detroit's problem, look at this graph. in 1950, there were almost 2 million people in detroit, 2 million. now that number is down to around the 700,000, which means, when your city is shrinking like that, you end up with an eroding tax base. incapable, completely unable to pay off the pension costs that were incurred. and also not just pensions, but city services, infrastructure, all of it. in comparison, over that same period of time, new york has seen its population grow by...
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Aug 16, 2013
08/13
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FOXNEWSW
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detroit is the largest city in the u.s. to declare bankruptcy in the red more than $18 billion. other even larger cities could be next. in a little more than three months, new yorkers will elect a new mayor. in a recent warning from mayor michael bloomberg to his successor is now reverberating around the city. >> avoiding the hard choices is how detroit went bankrupt. >> reporter: bloomberg says health and pension costs for city work that's right contributed to detroit's financial ruin threaten economic stability. most new york city employees and retirees pay nothing for $6.3 billion in health insurance. workers also pay little for tensi pensions that have taxpayers on the hook for $8 billion this year. >> new york city has right now 10,000 police officers retired who are under 40 and collecting pensions and they will technically collect those pensions for the rest of their lives. >> reporter: contracts for almost all 300,000 city workers expired at least three years ago. the next mayor will be under pressure to win concessions. >> the unions have tried to wait it out. they don'
detroit is the largest city in the u.s. to declare bankruptcy in the red more than $18 billion. other even larger cities could be next. in a little more than three months, new yorkers will elect a new mayor. in a recent warning from mayor michael bloomberg to his successor is now reverberating around the city. >> avoiding the hard choices is how detroit went bankrupt. >> reporter: bloomberg says health and pension costs for city work that's right contributed to detroit's financial...
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Aug 12, 2013
08/13
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CSPAN2
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the first part is, we notice as we speak, detroit's going bust. so, the first part of the question is, what cities are having the problems you're talking about and why do you think that is and then what cities are not? >> guest: our city story is a tail of -- tale of two cities and the detroit story is separate. one thing that is lost in the discussion about detroit and our cities is that cities' economies and fiscal health are often times two different things. you look at new york city. new york is thriving by any definition. you look at neighborhoods like the meat packing district, in the '70s and '8ss you wouldn't be caught dead there now it's so many 20 somethings on the weekend, the place to be, and that would have never happened before. so new york is like an amusement park. the economy is doing very well. but new york has fiscal problems, too. many of the same fiscal pension problems that detroit has. so those are two different things. detroit is some of the rust belt cities are adjusting to as massive shift from an industrial economy to se
the first part is, we notice as we speak, detroit's going bust. so, the first part of the question is, what cities are having the problems you're talking about and why do you think that is and then what cities are not? >> guest: our city story is a tail of -- tale of two cities and the detroit story is separate. one thing that is lost in the discussion about detroit and our cities is that cities' economies and fiscal health are often times two different things. you look at new york city....
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Aug 1, 2013
08/13
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CSPAN2
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when you see pictures of depression and detroit, when you see abandoned housing in detroit , when you see boarded up housing, when you see 50,000 cheryl barnes when you see a once great country, once great nation, once great city lying in the case he think about your politicians who chose to send that money to egypt and not keeping your home. as detroit to case, as the money is stolen has wandered around the world, but as detroit decays, as chicago is overrun with violence, as americans girl to put food on the table, mubarak and his family dined on caviar and champagne. as mubarak fleets to europe for weekends on his jet and live the life of a king, his people rotted in jail indefinitely without charge, without trial. they have been living under martial law for 30 years. you wonder why they aren't happy with us? we have been financing the guy that has been giving them martial law and indefinite detention without trial for 30 years. to add insult to injury when they protest against their government they are doused with tear-gas made in our country. foreign-aid does not go to a foreign
when you see pictures of depression and detroit, when you see abandoned housing in detroit , when you see boarded up housing, when you see 50,000 cheryl barnes when you see a once great country, once great nation, once great city lying in the case he think about your politicians who chose to send that money to egypt and not keeping your home. as detroit to case, as the money is stolen has wandered around the world, but as detroit decays, as chicago is overrun with violence, as americans girl to...
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Aug 10, 2013
08/13
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MSNBCW
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you're right in your description of detroit but detroit is kind of one of a kind. it is actually a mistake. there are people who said that. none of them are on this panel. it is a mistake to say we're all greek -- we're all greece or we're all detroit. detroit with its declining tax base, that is really at the heart of many of the problems we're seeing here other cities don't quite face that. and there are bad actors but there are also good actors. it is clear that almost no pension plan is fully funded. almost no pension plan is fully funded. once you get on 80% or 90%, you're in very good shape. >> maybe that's what we need to change. >> i would point out that part of the reason you don't have overfunded pension funds is that government regulations discourage funds from having more than 80% or 90%. that's a real problem. you get years like 2007 or 1999 where you've got a big booming market. and then the irs says disgorge all these extra overfunding that you have. and then when the market crashes, as everyone knew it would, a lot of these ended up in problems. i a
you're right in your description of detroit but detroit is kind of one of a kind. it is actually a mistake. there are people who said that. none of them are on this panel. it is a mistake to say we're all greek -- we're all greece or we're all detroit. detroit with its declining tax base, that is really at the heart of many of the problems we're seeing here other cities don't quite face that. and there are bad actors but there are also good actors. it is clear that almost no pension plan is...
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nice day are to many and here's the next three days of completely nice from detroit to chicago, new york city going to be right around 80. slightly below average for a lot of folks. >> dan and bianna's favorite time of the morning. what type of cloud is this? let's look at it. >> cumulonimbus. >> cumulonimbus is in there. see it on top. >> monsoonal flow. >> lenticular clouds. >> looks like a mushroom. has to do with a couple of things, stable air up and over the topography. >> we love learning. >> i'll try to get lenticular into a sentence. >> favorite time of the year. >> all right, thank you, ginger. >>> every year we see the picture, annual pageant of the running of the bulls in pamplona, spain, immortalized by ernest hemingway coming to america and not everybody is pleased. abc's aditi roy has more. >> reporter: it's epic. it's death defying and now the running of the bulls is coming to you. a great bull run inspired by the story pamplona arrives in richmond, virginia. organizers are holding events in georgia, texas, florida, california, minnesota, illinois and pennsylvania. the eve
nice day are to many and here's the next three days of completely nice from detroit to chicago, new york city going to be right around 80. slightly below average for a lot of folks. >> dan and bianna's favorite time of the morning. what type of cloud is this? let's look at it. >> cumulonimbus. >> cumulonimbus is in there. see it on top. >> monsoonal flow. >> lenticular clouds. >> looks like a mushroom. has to do with a couple of things, stable air up and over...
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Aug 9, 2013
08/13
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KQED
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but piornack is feeling detroit's financial woes in other ways, too. he's is just one of nearly 30,000 current and retired city workers who expect to see cuts to their pensions and health care benefits as the city tries to dig itself out of financial ruin. detroit can't pay its bills, and it is looking to cut debts that city officials say reaches $18 billion. >> i feel very let down, my father was a police officer in the city, i've been a fireman in the city, my son is a fireman in the city. i feel like i've really been let down. >> reporter: just weeks ago, detroit became the largest municipality ever to file for bankruptcy. there are many unknowns as the city attempts a restructuring plan. stephen henderson, editorial editor at "the detroit free press grew up here and is intimately aware of the city's fighting spirit but says bankruptcy may be the city's toughest challenge yet. >> there's not much difference between most places in detroit and post-katrina new orleans. its not as shocking because it happened over a long period of time, but it's just a
but piornack is feeling detroit's financial woes in other ways, too. he's is just one of nearly 30,000 current and retired city workers who expect to see cuts to their pensions and health care benefits as the city tries to dig itself out of financial ruin. detroit can't pay its bills, and it is looking to cut debts that city officials say reaches $18 billion. >> i feel very let down, my father was a police officer in the city, i've been a fireman in the city, my son is a fireman in the...
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Aug 28, 2013
08/13
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ALJAZAM
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paid to the detroit's retirees and spouses. retirees are fighting back in court, but as that plays out it's a waiting and worry. connie is 6 64 years old. she was married to a police officer who died nine years ago she was receiving pension from his benefit. connie, thank you so much for being with us. first of all my mother would admire you because you live a frugal live. you haven't worked. you're getting your husband's pension, and you live frugally. but now this is a problem. you could make it on that $25,000 a year which is half as much as more americans could make it on, but now you're worried where that is going to come from. >> right. >> what are your options? what are you thinking about? >> well, i've already talked to my son and my daughter-in-law that if i have to i could always back in and live with them, but i'm 64, i really don't want to live with my son and five kids. if i have to, i have to. >> this is a tough thing. you just heard the story that my friend duarte did about the firefighters in west virginia. your
paid to the detroit's retirees and spouses. retirees are fighting back in court, but as that plays out it's a waiting and worry. connie is 6 64 years old. she was married to a police officer who died nine years ago she was receiving pension from his benefit. connie, thank you so much for being with us. first of all my mother would admire you because you live a frugal live. you haven't worked. you're getting your husband's pension, and you live frugally. but now this is a problem. you could make...
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the development and detroit car bob and i mirror as i hope all yours that i'm going to be over because there's a lot more to cover next week from everyone at prime interest i'm very i'm boring you have a great week and. the interview. feel good. do we speak your language or not a day in. the news programs and documentaries and spanish more matters to you breaking news a little too much of angles kid stories. here. to try to alter the spanish find out more visit i. you know sometimes you see a story and it seems so you think you understand it and then you glimpse something else you hear or see some other part of it and realize everything you thought you knew you don't know i'm tom harvey welcome to the big picture. phone. in the pool cairo suburb of ten year old mina likes to escape from his tiny apartment on the rooftops there you can see the crosses on top of the local church where policemen enjoy the intensity and heat next to the entrance it's unlikely that mina realizes his father knows like a tia a humble government employee was killed on this very roof. a sniper's bullet caught h
the development and detroit car bob and i mirror as i hope all yours that i'm going to be over because there's a lot more to cover next week from everyone at prime interest i'm very i'm boring you have a great week and. the interview. feel good. do we speak your language or not a day in. the news programs and documentaries and spanish more matters to you breaking news a little too much of angles kid stories. here. to try to alter the spanish find out more visit i. you know sometimes you see a...
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Aug 3, 2013
08/13
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KPIX
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it's master bombmaker built the underwear bomb which nearly blew up an airliner over detroit on christmas day 2009. explosives hidden in printer cartridges and shipped on cargo planes bound for the u.s. were hard to detect, even after authorities had been told where to look. most recount, he designed a new underwear bomb which was handed over to the u.s. by a double agent. at a conference last month, john pistol, head of the transportation security administration, explained why it was so alarming. >> so it was a new type of explosive that we had never seen in either attempts in the u.s. or around the world by terrorists, so all of our explosive detection equipment which screens over a million checked bags every day-- just in the u.s.-- wasn't calibrated to detect that. >> reporter: but u.s. officials say they have no evidence the current plot is designed to take down airliners bound for the u.s. the embassy closings begin on sunday and could last for a number of days, depending on what more is learned about the threat. the travel alert will remain in effect through the end of august. >> s
it's master bombmaker built the underwear bomb which nearly blew up an airliner over detroit on christmas day 2009. explosives hidden in printer cartridges and shipped on cargo planes bound for the u.s. were hard to detect, even after authorities had been told where to look. most recount, he designed a new underwear bomb which was handed over to the u.s. by a double agent. at a conference last month, john pistol, head of the transportation security administration, explained why it was so...
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Aug 8, 2013
08/13
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KQED
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you talk about cleveland, detroit and houston. and i guess, you know, my question is, these cities are trying to do interesting things but they're also cities that are facing big problems of poverty, lack of education for so many people. are these cities going to be able to do all of it? >> cities are not governments right? they're networks of leaders. mayors for sure, county leaders for sure. governors in many places but also heads of businesses. business associations, heads of universities, heads of philanthropy. they come together, they form networks. they try to sort out what's our distinctive vision? what's our special position in the global economy? and then what is our game- changer? what jennifer just applied the applied science in new york city, that's a game-changer. investing in manufacturing, supporting your manufacturer, that's a game-changer in northeast ohio. transit clearly is a necessity for the 21st century so they're not waiting for washington. they're basically coming together across party and jurisdictional li
you talk about cleveland, detroit and houston. and i guess, you know, my question is, these cities are trying to do interesting things but they're also cities that are facing big problems of poverty, lack of education for so many people. are these cities going to be able to do all of it? >> cities are not governments right? they're networks of leaders. mayors for sure, county leaders for sure. governors in many places but also heads of businesses. business associations, heads of...
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Aug 2, 2013
08/13
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CNBC
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outside detroit in the states and around the world. so the direct impact on the industry will be quite, you know, minimal, but the people that work for gm live in detroit and obviously that's an area of concern for us, but, you know, from the perspective of auto sales and the performance of the industry and its employment, you'll not see much of the impact if any. >> we'll leave it there. thank you so much. we'll see you soon. >>> coming up next, what does the earnings report mean for ben bernanke. former fed governor randall kroszner will give us his take. >>> then he was once the richest man. iky batista has lost some $33 billion in 16 months. we'll find out what happened. >>> then millions of time warner customers are less than an hour away from losing all cbs programming. 'll get the very latest. >>> plus, oscar-winning actor george clooney is not in the air when it comes to dan loeb, the activist investor. he's slamming dan loeb for what he sees as meddling in the sony movie business. stay with us. we'll be back in a moment. a tal
outside detroit in the states and around the world. so the direct impact on the industry will be quite, you know, minimal, but the people that work for gm live in detroit and obviously that's an area of concern for us, but, you know, from the perspective of auto sales and the performance of the industry and its employment, you'll not see much of the impact if any. >> we'll leave it there. thank you so much. we'll see you soon. >>> coming up next, what does the earnings report...
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Aug 14, 2013
08/13
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MSNBCW
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in detroit billboards paid by the city urged citizens to vote on september 2nd. but voting day is actually in october. candidates with more twitter mentions than their opponent won 404 of the 406 elections. it didn't matter if the twitter mentions were positive or negative. >>> actress jennifer garner seems optimistic about her husband ben affleck's future in politics. she tells "people" magazine that she wouldn't be surprise to see him go into politics. >>> first lady michelle obama is releasing a rap cd. michelle obama unfortunately does not sing on the album. that's your morning's dish of scrambled politics. >>> for the weather i'm joined by bill karins. >>> this morning, hope windows are open in many areas of the country. the 24-hour temperature change has made its way to the east coast. columbus is 16 degrees cooler than this time yesterday. d.c. is about 13 degrees cooler. it's 51 degrees right now in detroit, i mean, that's cool, that's jacket weather. same for buffalo and columbus, that cool air is making its way to the east coast. now, one little thing o
in detroit billboards paid by the city urged citizens to vote on september 2nd. but voting day is actually in october. candidates with more twitter mentions than their opponent won 404 of the 406 elections. it didn't matter if the twitter mentions were positive or negative. >>> actress jennifer garner seems optimistic about her husband ben affleck's future in politics. she tells "people" magazine that she wouldn't be surprise to see him go into politics. >>> first...
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Aug 12, 2013
08/13
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CSPAN2
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i think places like detroit and buffalo and others are the minority. over all the story about a cities right now is that more people are staying in them and more people with families, young couples with families. >> host: seattle is thriving in the booming, bamberger is thriving and booming, chicago is thriving and booming. what do these places have in common? >> guest: it's living in the city and raising kids in the city is an option now where it didn't used to be and if that is a number of reasons i talk about in the book. it's the same thing driving away from serbia. rising gas prices come people having fewer children, wanting more sense of liveliness in their communities, schools improving in the cities. the schools are still big issues in the nevado people to the suburbs but that is starting to change, so and cities are different. a city like seattle or st. wallsten it's easy to have a suburban lifestyle in those cities you can have a single-family detached house and still be in the city and in fact you are living in a kind of dense -- usually tho
i think places like detroit and buffalo and others are the minority. over all the story about a cities right now is that more people are staying in them and more people with families, young couples with families. >> host: seattle is thriving in the booming, bamberger is thriving and booming, chicago is thriving and booming. what do these places have in common? >> guest: it's living in the city and raising kids in the city is an option now where it didn't used to be and if that is a...